Having rocketed into the Rich List courtesy of his significant holding in CBL Corporation, Alistair Hutchison has endured a major wealth downsize as the insurer imploded.
CBL Corp was finally placed in liquidation in May after Hutchison and managing director Peter Harris conceded no rescue was possible.
Despite ongoing investigations by the Financial Markets Authority and the Serious Fraud Office, Hutchison and Harris remained defiant, launching a website to promote their version of events.
Although CBL is gone, the two are back in the insurance business with Auckland company South British Capital offering surety, credit and speciality insurance services with several of the same staff.
Hutchison’s 19.5% of CBL was worth, on paper, about $145 million before its collapse last February, but he had already cashed out shares to the tune of $32.5m.
The liquidation leaves him with his ownership of Pacific Island insurance and finance business Federal Pacific Group, shared with sons Alan and Semisi.
Federal Pacific also owns 62% of NZX-listed Geneva Finance, a stake worth about $25m.
The family’s financial interests extend to Ireland with a 45% stake in Irish company Fexco Pacific, held through Federal Pacific Group (Singapore). Fexco provides money transfer and foreign exchange services.
Hutchison has close links with Samoa through his wife Kuinimeri Aiona Ma’ia’i. He has served in several financial roles for the government of Samoa and in 2014 was awarded the country’s Order of Merit.
Between 1995 and March 2018 Hutchison was a director of National Bank of Samoa, a small bank in which Federal Pacific owns a minority stake.
Hutchison’s brother is former National Party MP Paul Hutchison.
Son Semisi, a former New Zealand representative bobsledder, has businesses interests of his own in the form of compostable nappy company Little & Brave, run with his wife.
2018: $50 million